Time and Money
AbstractGeneral equilibrium is timeless, and without outside money, the price system is homogeneous of order zero. Some finite horizon strategic market game models are considered with an initial issue of fiat money held as an asset. For any arbitrary finite horizon, the solution is time-dependent. In the infinite horizon, time disappears with the initial issue of fiat money present as circulating capital in the fully stationary state and the price level is determined.
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Bibliographic InfoPaper provided by Santa Fe Institute in its series Working Papers with number 96-03-013.
Date of creation: Mar 1996
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Theory of money; money market;
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- W. Brian Arthur, 1994. "Inductive Reasoning, Bounded Rationality and the Bar Problem," Working Papers 94-03-014, Santa Fe Institute.
- Martin Shubik, 2000.
"The Theory of Money,"
Cowles Foundation Discussion Papers
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- repec:att:wimass:9625 is not listed on IDEAS
- Fontana Magda, 2009. "The Santa Fe Perspective on Economics: emerging patterns in the science of complexity," CESMEP Working Papers 200908, University of Turin.
- W. Brian Arthur & John H. Holland & Blake LeBaron & Richard Palmer & Paul Taylor, 1996.
"Asset Pricing Under Endogenous Expectation in an Artificial Stock Market,"
96-12-093, Santa Fe Institute.
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